Gensol Engineering share price jumps 20% in four days. Experts give ‘portfolio stock’ tag predicting 15% more upside

Why is Gensol Engineering share price rising?

On triggers that are fueling Gensol Engineering share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The solar energy division of the company has a strong order book as it has been getting fresh orders from various companies including oil manufacturing PSUs. The company has been commissioning fresh projects as well. So, the market is expecting better quarterly numbers from the solar energy division in upcoming Q4FY24.”

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Avinash Gorakshkar of Profitmart Securities went on to add that Gensol Engineering Ltd has a strong presence in the EV charging Solution business as well. The company has recently announced to launch three-wheeler EV vehicle in Delhi-NCR. They also claimed that they would be selling 500 such three-wheeler EV vehicles per day after the launch of EV vehicles.

“The company recently generated ₹900 crore from the QIP, which is also expected to strengthen the balance sheet of the company. However, Gensol Engineering shares are not a trading stock but it is a portfolio stock. One should buy and hold the stock keeping a time horizon for medium to long-term,” said Avinash Gorakshkar.

Gensol Engineering share price target

Expecting more upside in Gensol Engineering share price, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “Gensol Engineering shares bottomed out at ₹750 to ₹760 levels making a strong base at ₹700 apiece level. On the chart pattern, Gensol Engineering share price has immediate support placed at ₹810 apiece level. So, those who have Gensol Engineering shares in the stock portfolio, should upgrade the trailing stop loss at ₹810 and wait for further upside. Their stock may go up to ₹980 and ₹1,020 per share level in the short term and any big dip from the current level should be seen as a buying opportunity in Gensol Engineering share price.”

On the suggestion to fresh investors regarding Gensol Engineering share price, Gamnesh Dongre of Anand Rathi said, “Fresh investors can buy Gensol Engineering shares at current price and maintain a buy-on-dips strategy till its support of ₹810 remains sacrosanct. They can buy and hold the stock maintaining stop loss at ₹810 for ₹980 and ₹1,020 per share targets.”

Gensol Engineering news

As per the latest exchange filing, Gensol Engineering has informed Indian stock market exchanges about the commissioning of a 10.6 MW rooftop solar power project in Madhya Pradesh. Gensol Engineering Ltd today announced the successful completion of a significant 10.6 MWp rooftop solar project for Trident Limited in Madhya Pradesh. This project marks a major milestone for both companies, showcasing Gensol’s expertise in sustainable energy solutions and propelling Trident Limited towards its clean energy goals.

Commenting on successful project commissioning, Ali Imran Naqvi, CEO (of EPC Business), Gensol said, “This project ranks among the top five biggest rooftop solar ventures globally utilising a rooftop area exceeding 70,000 square meters. This massive project is a testament to Gensol’s commitment to cutting-edge solutions and our ability to execute complex projects at scale. We are proud to collaborate with Trident Limited on this achievement, which not only positions them as a leader in sustainable manufacturing but also sets a powerful example for other industries worldwide.”

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 21 Mar 2024, 03:01 PM IST